What is a VA Loan?

The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

The VA home loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veterans, active duty military members and their families purchase homes or refinance their mortgages.

Today, the VA mortgage is more important than ever. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA loan a lifeline for Veterans and active Military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.

Like all home loans, VA Mortgages have considerable details
and information to review. We at Veterans United Home Loans encourage you to use
our website's resources to learn about the specifics of this exclusive
home loan benefit.
To get started your VA Home Loan today, call a Home Loan Specialist at
(931) 920-2252 or
get started online.

Get Started Online

Are you looking to purchase or refinance a home?

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VA Approved Lender | Not a government agency

VA Loan vs. Traditional Mortgages

Military homebuyers have access to one of the most unique and powerful loan programs ever created. See how the VA Loan compares to a traditional home mortgage:

VA Loans

Conventional Loans

0% Down(for qualified borrowers)

VA Loans are among the last 0% down home loans available on the market today.

Up to 20% Down

Conventional loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many homebuyers.

No PMI

Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.

PMI Required

Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home's value, tacking on additional monthly expenses.

Competitive Interest Rates

The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans.

Increased Risk for Lenders

Without government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan.

Easier to Qualify

Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.

Standard Qualification Procedures

Conventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.

Regulations and Fees

Although the VA Loan is a federal program, the government generally does not make direct loans to veterans. Instead, private lenders including Veterans United Home Loans finance the loan while the Department of Veterans Affairs offers a guaranty.

This guaranty, which protects the lender against total loss should the buyer default, provides incentive for private lenders to offer loans with better terms.

Loan Limits

In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth
up to $453,100 without putting any money down; however, with the 2017 VA Loan Limits,
borrowers in high-cost counties may be able to purchase homes far exceeding that amount
without a down payment. To find out the VA Loan Limit in your area, give us a call
toll-free at (931) 920-2252 or use our
online Loan Limit Calculator.

Funding Fees

The VA Funding Fee goes directly to the VA to ensure the program keeps running for future generations of military homebuyers by removing any additional burdens off tax payers and veterans. The fee varies depending on the borrower's circumstances and does not apply for veterans with service-connected disabilities. For example, if this is your first time using the VA Home Loan Program, the funding fee is typically 2.15 percent of the purchase price of the home. For subsequent use of your VA Loan benefit, the fee is 3.3 percent.

VA borrowers can roll the funding fee into their overall loan amount. The VA also limits closing costs for veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.

A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
Customers with questions regarding our loan officers and their licensing may visit the
Nationwide Mortgage Licensing System & Directory
for more information.